That European Union pushed ahead with his plan to impose a price cap on Russian gas despite the president Wladimir Putin threats to cut off all energy supplies to the EU and fuels fears of winter fuel shortages in Europe.
What happened: “We will propose a price cap on Russian gas… We must cut Russia’s revenues, which Putin is using to fund this cruel war in Ukraine,” he said European Commission president Ursula von der Leyen said Reuters reported.
The block boss said he was also considering measures including a mandatory EU cut in electricity consumption and a cap on non-gas power generators’ revenues. On Friday, the EU energy ministers meet for an emergency meeting.
The escalating standoff between the West and Russia over its invasion of Ukraine is likely to push European gas prices higher. Brussels has often accused the Kremlin of arming energy supplies in retaliation for Western sanctions. At the same time, Putin’s government also blames these sanctions cause gas supply problems.
This comes after the Russian president warned on Wednesday that his country would withdraw from the deal in the event of price caps. “We will not deliver anything that is contrary to our interests,” Putin said economic forum.
“We will not supply gas, oil, coal, heating oil – we will not supply anything,” he said.
Continue reading: The Putin government said it would secretly warn of a deep recession in Russia, while the economy minister issued an upbeat forecast
